Top Iranian officials, including the son of Ayatollah Khamenei, have reportedly transferred $1.5 billion to escrow accounts in Dubai over the past two days amid fears of political instability.
In a statement dated January,15,2026, Mike Huckabee, Trump’s ambassador, revealed that he shared his bank account with these officials to safeguard the funds, claiming they could trust him as the world could trust them.
“I’ve sent my account info to these Iranian officials so they can transfer those funds to me for safekeeping. They surely can trust me at least as much as the world can trust them,” read part of the Mike Huckabee statement.
The Iranian bank crisis hit at the same time as a 12-day war with Israel and the US in June 2025. In November, Israel and the US threatened to strike again if Iran tried to start up its nuclear or missile programs, further weakening the nation’s image.
Iranian Bank Collapse and $1.5 Billion Transfers
The collapse of Ayandeh Bank late last year triggered an economic crisis that has driven thousands to protest across cities, threatening the Islamic Republic’s control.
Ayandeh Bank, run by individuals connected to the Iranian regime, failed after incurring nearly $5 billion in losses from bad loans.
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Although the government merged the bank into a state-owned lender and printed large amounts of money to cover its debts, the move only addressed immediate liabilities and did little to resolve broader financial problems.
The bank’s largest investment was the Iran Mall, a structure twice the size of the Pentagon that opened in 2018 with an IMAX theater, library, swimming pools, indoor gardens, a car showroom, and a hall of mirrors modeled on a 16th-century imperial Persian palace.
However, the mall opened as the nation’s currency, the rial, spiraled, wages fell, food prices skyrocketed, and a water and energy crisis worsened so severely that President Masoud Pezeshkian proposed moving the capital from Tehran to a location closer to the Indian Ocean coast.
The reported $1.5 billion transfers by top Iranian officials, coupled with the bank collapse, have intensified public outrage.
Meanwhile, the economic crisis and elite financial challenges fueled nationwide protests, despite internet blackouts and government crackdowns.
“It’s yet another example of the kinds of stories of corruption or unfair practices that give ordinary Iranians the impression that the system has been rigged against them or, at least, rigged in favor of a small number of elites,” said Esfandyar Batmanghelidj, CEO of the Bourse & Bazaar Foundation.
Iran Declaring Ayandeh Bank Bankruptcy
Previously, Iran declared one of the country’s largest private banks bankrupt, with its assets absorbed by the state, in a rare move in the country grappling with international sanctions.
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Ayandeh Bank, founded in 2012, had a network of 270 branches across the country, including 150 in the capital, Tehran.
It had more recently been crippled by debt, with accumulated losses amounting to the equivalent of about $5.2 billion and roughly $2.9 billion in debt.
In addition to Ayandeh, five other banks, Sarmayeh, Day, Sepah, Iran Zamin, and Melal, are also facing difficulty.
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